Sembcorp buys IDFC stake in India biz for S$300 mn

By Editor


Sembcorp Utilities will purchase IDFC Private Equity Fund’s stake in renewable energy company Sembcorp Green Infra (SGI) for S$301 million, to increase the stake to 100 percent.

Sembcorp Green Infra has received 250 megawatts tender during India’s first national wind power tender earlier this year.

“Buying IDFC’s stake in SGI reaffirms Sembcorp’s commitment to a long-term presence in India. The deal will allow us to drive SGI’s growth as the 100 percent owner, and increase our investment in a wind and solar generation portfolio that strongly complements our thermal power assets in the country,” said Neil McGregor, CEO of Sembcorp Industries.

“Sembcorp’s acquisition of IDFC’s stake in SGI strengthens our position as a reliable provider of clean and low cost power to support India’s growing energy needs,” said Vipul Tuli, CEO of Sembcorp India.

Sembcorp India has close to 1,200 megawatts of wind and solar power capacity in operation and under development.

As at end-2016, the net asset value and net tangible asset value at SGI level were S$427.6 million and S$426.9 million respectively. The net profit at SGI level for the 12-month financial period ended December 31, 2016 was approximately S$39.0 million.

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